Dating App Bumble To Layoff 30% Of Workforce

File Photo

New Delhi: It was anticipated that 2024 would mark the beginning of the IT industry's rebound following two years of severe layoffs at IT organizations. However, preliminary indications indicate that employment in the industry is still being hit. With nearly 30,000 IT personnel put off in January 2024, the situation for staff members in all major departments is still dire.

Bumble: Layoffs

Following suit, as part of a reorganization plan, Bumble revealed intentions to lay off approximately 350 staff on Tuesday. According to a corporate representative, the layoffs represent around 30 percent of Bumble's staff. ()

Bumble: Quarter Report

According to its fourth-quarter report, Bumble stated that the layoffs will help to strengthen operating leverage and align its operating model with "future strategic priorities." ()

Bumble: Full Capacity

If we talk about the full capacity, as of December 31, 2022, Bumble employed around 950 full-time workers, per a filing with the US Securities and Exchange Commission. Talking about the same, the spokesperson said the latest annual report will be published in the second half of the week. 

Bumble: Revenue

Revenue for the dating app was $273.6 million for the quarter, which is an increase from $241.6 million during the same period the previous year.

In comparison to the same quarter last year, when the firm reported a net loss of $159.2 million, or 35 percent per share, Bumble produced a net loss of $32 million, or 19 percent per share.

Bumble: Share Price

Tuesday's after-hours trading saw a more than 8 percent decline in Bumble shares.

Bumble CEO Statement

In a statement, the CEO of Bumble Lidiane Jones claimed that the company is accelerating its product plan with "significant and decisive" actions.

Jones stated in the announcement, "We believe these actions will strengthen our foundational capabilities and enable us to continue delivering new and engaging user experiences that foster equitable and healthy relationships."